Emaar Misr, the Egyptian arm of Dubai's largest listed real estate developer, plans to float its shares on the stock market, although the listing is worth less than half the value that sources said it had expected to raise last month. The Egyptian unit of Emaar Properties will issue approximately 87 million shares, worth 878 million Egyptian pounds ($115.22 million), the stock exchange statement said.
Two sources told Reuters in January that Emaar Misr would issue shares worth more than 2 billion pounds. The last initial public offering on the Egyptian stock exchange was Arabian Cement in May 2014. Emaar Misr is being advised by EFG Hermes and J.P. Morgan.